Boeing raises 2012 guidance as deliveries pick up

Associated Press Modified: October 24, 2012 at 7:45 am •  Published: October 24, 2012
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Boeing said its net income this year will be bigger than it had expected as deliveries of commercial airplanes picks up.

Higher pension expenses hurt Boeing's third-quarter profit, but other measures for the big airplane maker and defense contractor were strong. Profits rose in both its commercial and defense units. And it reaffirmed plans to deliver 585 to 600 commercial planes this year.

Boeing shares jumped $2.17, or 3 percent, to $74.99 in premarket trading. Boeing is one of the 30 stocks in the Dow Jones industrial average, which fell 243 points on Tuesday.

For the quarter that ended Sept. 30, Boeing's net income fell 6 percent to $1.03 billion, from $1.1 billion a year ago. The profit of $1.35 per share would have been higher by 18 cents per share if not for increased pension expenses. During the same period last year, it earned $1.46 per share.

Analysts surveyed by FactSet were expecting earnings of $1.12 per share for the most recent quarter.

Revenue rose 13 percent to $20 billion as the pace of commercial airplane deliveries picked up. That matched analyst expectations.

Chicago-based Boeing Co. now expects to earn $4.80 to $4.95 per share this year, up from previous guidance of $4.40 to $4.60 per share. Analysts had been expecting $4.72 per share.

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